CERTIFIED DISTRESSED PROPERTY EXPERT
Great news folks. I supported the SB 1178 bill. I just learnt today that it was passed in the senate by 30 to 4. I have always maintained that people who refinanced their mortgages just to get a lower rate never knew that they were loosing their "Anti Deficiency protection" in CA. The lenders never disclosed this to them. Just for doing that they should not be responsible for the loss of value in the market and be responsible for the difference.
I continue to support C.A.R in making the right changes.Â Yes some of these homeowners made mistakes, yes some of these homeowners were taken advantage of. Bottom line after taking billions of dollars in money to bail themselves out these banks cannot come back and bully homeowners into submission. Yes there is both sides of the story but Banks have to own up to doing things the right way.
Please read the SB 1178 story from C.A.R...........
SB 1178 was just approved by the Senate, over lender opposition, with a vote of 30 to 4.Thank you to the over 5,000 REALTORSÂ® who made a difference by contacting their senator to support the bill! For more information on the vote, see the list below.
C.A.R. is sponsoring SB 1178 (Corbett) to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most homeowners didn't even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the lender. Here is how senators voted today.
"Yes" votes: Aanestad, Alquist, Ashburn, Cedillo, Cogdill, Corbett (author), Correa, DeSaulnier, Ducheny, Florez, Hancock, Hollingsworth, Huff, Kehoe, Leno, Liu, Lownenthal, Negrete McLeod, Oropeza, Padilla, Pavley, Price, Romero, Runner,Â Simitian, Steinberg, Wolk, Wright, Wyland and Yee.
"No" votes: Calderon, Denham, Strickland and Walters.
Not voting: Cox, Dutton, and Harman.
Absent (not in Sacramento that day due to health reasons): Wiggins.
Thank you to everyone who made a call to their senator. Facing lender opposition, many of those who ultimately voted for the bill, may not have done so if they hadn't received so many calls from REALTORSÂ®.
I am proud that i did call my Senator to support this bill.
"Working hard to save homeowners from foreclosure one home at a time"
For more info on how to stop foreclosure